VANCOUVER, March 1 /CNW/ - Goldrea Resources Corp. (GOR: TSX.V, Pink
Sheets: GORAF) is pleased to announce that is has closed its private placement
with Sextant Strategic Opportunities Hedge Fund LP for the purchase of 500,000
units ("Units") at a price of $0.38 per Unit raising gross proceeds of
$190,000. The private placement was previously announced on February 6, 2006.
Each Unit consists of one common share in the capital of the Company and
one non-transferable share purchase warrant. Each warrant will entitle the
purchaser to purchase one additional share exercisable up to February 24, 2008
at a price of $0.46.
The shares and any shares issued upon exercise of the warrants shall not
trade on or before June 25, 2006.
INCENTIVE STOCK OPTIONS
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The Company will grant incentive stock options to purchase an aggregate
of 1,150,000 shares in the capital stock of the Company. The option will be
granted for a period of five years commencing March 1, 2006 at $0.65 per
share.
The Employee/Director stock options are subject to the approval of the
regulatory authorities.
On Behalf of Management
GOLDREA RESOURCES CORP.
"Larry W. Reaugh"
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Larry W. Reaugh,
President and Chief Executive Officer
The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news release
may contain certain "Forward-Looking Statements" within the meaning of Section
21E of the United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included herein are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the Company's
documents filed from time to time with the Toronto Venture Exchange, the
British Columbia Securities Commission and the US Securities and Exchange
Commission.
